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CBDT notifies Form 10-IC and Form 10-ID for Concessional Corporate Taxationa

February, 17th 2020
The Central Board of Direct Taxes (CBDT) has notified two forms namely Form 10-IC and Form 10-ID. These forms were announced for Concessional Corporate Taxation Regime in September, 2019 These options will be exercised by a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020. For companies filing tax as per section 115BAA of the income Act, Form 10-IC is applicable and the Tax rate is 22%. For companies filing tax as per section 115BAB of the Income Tax Act, Form 10-ID is applicable and Tax Rate is 15%.